Singapore shares flat on Tuesday as investors await Fed’s policy meeting

SINGAPORE shares were flat on Tuesday (Mar 19) in spite of overnight gains on Wall Street, as investors wait for the outcome of the US Federal Reserve’s policy meeting on Wednesday.

The Straits Times Index (STI) inched up 0.05 per cent or 1.62 points to 3,173.55.

Seatrium was the top traded stock with 880.1 million shares transacted as the offshore and marine player slid a further 2.5 per cent or S$0.002 lower to S$0.079, breaching its 52-week-low.

Manulife US Real Estate Investment Trust (Reit) units were 1.8 per cent or US$0.001 lower at US$0.056, after its manager said that its chief executive officer, deputy CEO, chief financial officer and chief investment officer will all be replaced on Jun 30.

Singapore Post (SingPost) closed 6.6 per cent or S$0.025 higher at S$0.405, after it announced the completion of a strategic review that aims to unlock value. It is looking at divesting its non-core assets, including its flagship retail-commercial mixed development SingPost Centre, as well as considering floating its Australian business among some initiatives that stemmed from the review.

Across the broader market, decliners surpassed gainers 275 to 227 as 1.7 billion securities valued at S$966.5 million were transacted.

Gauges in Asia were a mixed bag, with Japanese stocks rallying after the Bank of Japan signalled policy normalisation by hiking its rate by 0.1 per cent. China and other bourses were mainly down.